Jeff Vinik has sold a majority interest of the Tampa Bay Lightning, along with his Vinik Sports Group, to a pair of Wall Street investors and their partners. Vinik, who has been widely praised for his philanthropy around Tampa Bay and willingness to spend freely to keep the Lightning atop the standings,

The Tampa Bay Lightning's chairman Jeff Vinik sold a portion of the team to a group including Doug Ostrover and Marc Lipschultz.

The sale of the Lightning comes just over a year after Vinik exited Strategic Property Partners, the developer of Water Street Tampa, by selling his share of the firm to Kirkland, Washington-based Cascade Investment LLC. Cascade is Microsoft co-founder Bill Gates' investment fund and was Vinik's partner from the inception of SPP in 2014.

Jeff Vinik sold a portion of the NHL's Tampa Bay Lightning to a group of investors led by Doug Ostrover and Marc Lipschultz, both of Blue Owl Capital.

Tampa Bay Lightning owner Jeff Vinik has sold a portion of the hockey club to a new investment group but will retain full control for the next three years.

Jeff Vinik has sold his controlling stake in the Lightning but will continue to lead the organization for the next three years, the team announced Thursday. Why it matters: The Lightning have been among the NHL's top franchises in Vinik's 14 years as owner,

The Tampa Bay Lightning have announced the sale of a portion of the club on Thursday to an invesor group led by Doug Ostrover and Marc Lipschultz of Blue Owl Capital.